Toncoin (TON) is among the cryptocurrencies that have seen massive growth over the past week, leading it to enter the Top 10 of the crypto market.
With a market capitalization of $20.800 billion, TON, the native cryptocurrency of The Open Network, initially developed by Telegram, has entered the Top 10 of the major cryptocurrencies on the market.
Currently, TON is positioned as the ninth most capitalized cryptocurrency, after Dogecoin (DOGE).
The impressive price growth that TON has experienced over the past 7 days is mainly driven by the participation announced by the venture capital investment firm Pantera Capital in the The Open Network blockchain a few days ago.
Although Pantera Capital did not reveal the amount of the strategic investment it made in this network, it did highlight several of the characteristics that have made it one of the most attractive ecosystems in the blockchain industry and that have great potential to attract a significant number of new users to Web3.
TON in the Top 10 Cryptocurrencies
The price of TON rose to $6,13 per unit, increasing by more than 24%, following the announcement made by Pantera Capital. According to data from CoinMarketCap, TON is currently trading at around $6,03.
Source: CoinMarketCap
With the price surge over the past week, TON has surpassed Cardano, the third-generation blockchain developed by Input Output Global, in market capitalization, while maintaining a focus on scientific research.
In addition to the announced participation by Pantera Capital, the TON ecosystem also received several important updates last month, which have helped boost cryptocurrency prices in the market. In addition to all this, the network has also partnered with Hong Kong-based digital asset financial services company HashKey Group, a fact that is perceived as bullish in the crypto industry.
DeFi, stablecoins and crypto memes
In April, The Open Network announced the launch of a grant program called The Open League DeFi Grants Program, with which it will support the creation and development of new projects in the decentralized finance (DeFi) ecosystem.
As explained by the blockchain developers, this new grant program is focused on making TON the new home of DeFi, offering blockchain builders access to funding and innovative tools to grow their projects. As for users, the network aims to offer a wide range of decentralized applications (DApps) that allow them to easily join the decentralized web.
As part of these goals, TON also announced the USDT stablecoin integration, developed by the Tether company, and which is currently the largest stablecoin in the crypto market. USDT was introduced on The Open Network blockchain to open up global peer-to-peer payments to the 900 million users who use Telegram every month, the developers of the blockchain network commented.
Paolo Ardoino, CEO of Tether, expressed that the integration of its stablecoin into the TON ecosystem supports the network's vision of building “an open and decentralized Internet and a borderless financial system”.
On the other hand, the Telegram-linked blockchain also welcomed memecoins, one of the most controversial and hot topics in the cryptocurrency industry. In this regard, TON developers presented a cultural hub of community tokens called Memelandia, which is focused on breaking the stigmas that exist around this class of digital assets.
TON highlighted that memecoins have a bad reputation among institutional investors and that, as a result, they rarely receive financial support. For this reason, through Memelandia, the network wants to encourage the memecoin culture, highlighting these assets as “one of the most effective ways to build a sustainable, loyal and active community.”
As mentioned, memecoins are taking center stage in the crypto community, reaching a collective market capitalization of over $50.000 billion.
Continue reading: Pantera Capital invests in The Open Network (TON) to support the growth of cryptocurrencies
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